Buying a historic or older home

Wednesday

It’s easy to see why people fall in love with older homes. They emanate character, of times and lifestyles long passed. And if their walls could talk, oh the stories they’d tell.

Having such deep historic roots, the Bucks and Burlington County areas boast numerous older real estate gems that can stir up a lot of excitement in prospective home buyers.

The only problem: That excitement can carry an expensive — and often unexpected — price tag for buyers who don’t do the necessary homework before purchasing an older home.

“Historic and older homes are a dream. They’re like buying a classic car,” said Myra Savich, past president of the Bucks County Association of Realtors and current Realtor at the RE/MAX office in Jamison, Pa.

“But if you’re going to buy an old Corvette, you need someone who’s going to fix it for you,” she said.

“You either need the ability to do the work yourself — or the funds to do it,” she added.

For those tempted by the thought of owning a home that’s been a part of local history, Savich applauds you, but she also recommends prospective buyers do some serious soul searching before proceeding.

“Older homes are only for people who really want them,” Savich said. “Ask yourself, ‘Do I really want one?’ And assess what you’re willing to do — keep it the same, which will cost more, or upgrade it?”

Once you’ve answered those questions, then the real homework begins.

For example, when it comes to purchasing a historic home, Savich recommends you seek out documentation that speaks to the homes historical significance.

“Historic homes are great because they always have a story. And if it’s being marketed as a historical home, you’ll want some documentation on it,” Savich said. “You want the info on the history of the home.”

But whether you’re thinking of buying an historic home or one that’s simply been around since the beginning of the 20th century, it’s bound to have some quirks that you’ll want to look for in your walkthrough and home inspection, according to Savich.

Some things to be on the lookout for: Foundation issues, lead paint, heating and cooling costs, closet space, chimney issues, electrical problems and sagging roofs.

“When looking at an older home, usually the first thing you want to do is make sure the structure is good,” said Alvah Eckart, owner of Next Step Home Inspections in Hainesport, NJ.

“Many may not have good drainage,” Eckart said, which can lead to footing and foundation problems, some signs of which may be visible in a walkthrough.

“Look for cracks at the bottoms of windows and at the tops of doors,” he said. “Those can be indicators of settlements.”

He said settlement-related cracks tend to extend out diagonally from the bottom corners of windows and top corners of doors. In addition, a bulge in any of those areas may be an indicator that someone has tried to fill the cracks and paint over them.

Homes Eckart said prospective buyers would be wise to go over extra carefully are those advertised as “recently renovated” or “just upgraded.”

“I always have a red flag that goes up when I see those,” he said. “It’s an indicator that you may need to pay more attention to detail in the home.”

“Maybe one in 10 of these homes will have problems, but it’s still something to look out for,” added Eckart.

One thing Savich highly recommends buyers do to protect themselves from unexpected expenses down the line: have their agents request that sellers get a chimney certification before a sale is completed.

“Chimney repairs can be very costly,” Savich said. “And you want to know what all the expenses will be - and for whom.”

She said buyers may want to at least have a chimney specialist verify whether or not a home’s chimney is in need of repair.

Eckart, too, said that it can pay to have specialists come in and take a look at an older home home.

“Sometimes you’ll want to bring in a structural engineer or chimney expert,” he said.

Another potential wallet-opener for buyers is electrical systems, according to Eckart. Four things he’s always on the lookout for: frayed wiring, knob and tube wiring, aluminum wiring and old breaker panels.

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